Hold Rating for Ingram Micro Amid Growth Potential in TD Synnex and Moderate Downside Risks

In a report released today, Erik Woodring from Morgan Stanley downgraded Ingram Micro Holding Corporation (INGM – Research Report) to a Hold, with a price target of $22.00.

Erik Woodring’s rating is based on a combination of factors that influence the outlook for Ingram Micro Holding Corporation. Although the overall perspective on IT spending remains positive, Woodring sees more potential growth in TD Synnex compared to Ingram Micro. This shift in preference among distributors is a key reason for the Hold rating.
Additionally, Woodring identifies a moderate downside risk to the company’s earnings estimates for the fiscal year 2026, suggesting that market expectations might be overly optimistic regarding operational efficiency. The significant ownership stake by private equity in Ingram Micro is viewed as a limiting factor for the stock’s multiple expansion. As a result, the stock is downgraded to Equal-weight, with a price target of $22, reflecting a balanced view of potential risks and rewards.